5 questions with … Citizens Bank CIO Michael Ruttledge

Citizens Bank Chief Information Officer Michael Ruttledge is focused on AI, training and employee retention as the bank continues its digitalization.

In the second quarter, the $222 billion bank explored use cases for generative AI to identify added efficiencies, Ruttledge previously told Bank Automation News.

As Citizens implements AI, the bank is also training its team through its engineering academy, which focuses on building internal capabilities to support the bank’s technology transformation, he said.

In an interview with Bank Automation News, Ruttledge discussed AI use cases, developments in technology and training techniques throughout the bank. What follows is an edited version of the conversation:

Bank Automation News: What AI trend in finance are you focused on?

Michael Ruttledge: Generative AI has the potential for great efficiencies and countless ways to improve overall customer experience. This is an exciting time for the industry. We have an opportunity to truly reset the productivity curve for the bank.

AI has the potential to help us learn about our customers at an accelerated pace and constantly update, improve and adapt priorities as conditions change over time. Citizens has a number of AI use cases that we are actively exploring, and those use cases are to benefit customer engagement, customer and colleague insights, and streamlined operations.

Additional implementation includes safety and security, legal and compliance, fairness and bias, and performance and accuracy. We are working to assess where existing capabilities can be leveraged and built out.

BAN: What other projects are you working on this year?

MR: For the remainder of 2023 and as we look ahead, we will accelerate to deliver differentiating, market-leading capabilities beyond our next-gen technology strategy. Citizens is focused on three areas:

1. Transformation of our business applications stage, building a modernized platform fully on cloud;
2.  Innovation by including emerging technology such as AI, quantum computing, banking-as-a-service, microservices containerization, real-time data streamlining, next-gen connectivity and sustainable technologies; and
3. Continuous optimization via automation and digitization.

Through 2026, we will position Citizens’ technology to have leading capabilities to drive continued business value.

BAN: How do you approach new technology with your team?

MR: To prioritize innovation to the extent we do, we need not only financial, but top talent resources to dedicate to it. At Citizens, we are constantly looking to the new digital frontiers, and we prioritize a healthy organization and view each employee as a whole person beyond the figurative four walls of our office.

Our talent is what keeps us future-ready, cultivating our strategic partnerships, exploring new technology and ensuring we and our customers are protecting against any risk.

The key is a strong focus on engineering skills, diversity, early career talent and retention. Since 2019, we have hired more than 550 full-stack engineers, reduced contractors and have increased our organization’s diversity and internal mobility.

BAN: What technology are you monitoring closely?

MR: Like everyone else, we are monitoring generative AI closely. We think it has great potential, especially when it comes to improving the customer experience.

Banks can introduce future-proof technologies and processes to keep up with customers by empowering their CIOs and IT teams to help build deeper relationships with customers and focus the shift from transactions to relationships through automation and automating tasks and transactions. This would allow branch colleagues and relationship managers to have the time to build relationships and serve in a more advisory manner.

It goes without saying that a digital transformation and the customer experience should be always at the forefront. At Citizens, we focus on using data to improve our customers’ experience and help them achieve their financial goals and reach their potential.

BAN: How do you lead your team?

MR: I strive to lead by example while at the same time empowering my team to make decisions and motivating them to reach their full potential. I also hold my team accountable as it not only helps them to grow in their roles but also as leaders.

Our Employee Value Plan (EVP) is an example of my leadership in action — I have empowered my leadership team to help deliver and drive this program for our colleagues. Through EVP, we have improved our hiring model, provided training opportunities and focused on diversity and early career talent.